How much is the goodwill for mason co

Reference no: EM132726271

Problem 1: Mason Co. acquired all the assets and liabilities of Hammer Co. for P 2,600,000. On acquisition date, Hammer's identifiable assets and liabilities have fair values of P 5,900,000 and P 3,500,000, respectively. Relevant information follows: · Mason is renting out a building to Hammer Co. on an operating lease. The terms of the leaser compared with market terms are favorable. The fair value of the differential is P 90,000. · Hammer is a defendant on a pending lawsuit. No provision was recognized because Hammer's legal counsel believes they will successful defend the case. The fair value of setting the lawsuit is P 10,000. How much is the goodwill (gain on bargain purchase)?

Reference no: EM132726271

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